As Bitcoin recently dipped below $60,000, crypto expert Michael van de Poppe has pointed out a crucial indicator that suggests a bounce may be on the horizon. Van de Poppe highlighted in a social media post that Bitcoin’s CME gap has closed, signaling a potential relief bounce from the current price level. According to his analysis, Bitcoin is expected to reclaim $60,000 as support before continuing its upward trajectory.
Backing up Van de Poppe’s prediction, crypto analyst Mkybull Crypto also confirmed that the CME gap has been filled. Mkybull Crypto noted that Bitcoin has completed an inverse head-and-shoulder pattern on the daily chart, indicating a potential breakout target of $70,000 if Bitcoin surpasses $62,000. The Moving Average Convergence/Divergence (MACD) indicator also suggests a bullish cross is imminent for Bitcoin, signaling strength and a potential price increase.
Despite recent underperformance, analysts remain confident in Bitcoin’s long-term prospects. Mkybull Crypto believes that a parabolic rally is on the horizon and that Bitcoin still has room to climb above $100,000, potentially reaching $130,000. The analyst previously mentioned targets between $138,000 and $150,000 as optimal for this bull run, indicating strong confidence in Bitcoin’s potential growth.
On the flip side, as Bitcoin struggles to hold above $60,000, bearish sentiments are growing within the crypto community. Some speculate that Bitcoin could drop to the $40,000 range in the near future. However, analyst CrediBULL Crypto argues that there are still factors preventing Bitcoin from reaching that level anytime soon.
Potential Scenarios at the Current Price Level
CrediBULL Crypto outlined potential scenarios for Bitcoin at its current price level, suggesting that Bitcoin may touch the $58,000 low, establish a higher low above $56,000, and reverse its trend from there. If the $56,000 support is breached, there is a possibility of Bitcoin dropping to the $53,000 demand area. CrediBULL Crypto also mentioned the potential for Bitcoin to reach $40,000 if it fails to maintain above $53,000.
The future of Bitcoin remains uncertain as conflicting predictions and market analyses create a volatile environment. While some experts foresee a potential bounce and a continuation of the upward trend, others warn of a possible downturn to lower price levels. As investors navigate through this uncertainty, it is important to conduct thorough research, consider multiple viewpoints, and stay informed to make informed decisions in the ever-changing crypto landscape.
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